From Adesuwa Tsan, Abuja
The Senate, on Tuesday, May 20, passed a bill for second reading to amend the Proceeds of Crime (Recovery and Management) Act, 2022.
Introduced by Senator Idiat Adebule, the bill aims to establish a dedicated agency to manage assets suspected of being acquired through unlawful means, enhancing transparency and accountability.
Adebule, leading the debate during plenary, explained that the 2022 Act provides a framework for seizure, confiscation, forfeiture, and management of such properties, including non-conviction-based forfeiture and recovery of stolen funds hidden offshore.
However, she highlighted inefficiencies caused by Section 4, which assigns these roles to 18 government agencies.
“These agencies play multiple roles as investigators, prosecutors, and managers of recovered assets. This overlap hampers effective execution and reduces accountability,” she said.
Senator Sani Musa (APC-Niger) supported the bill but suggested strengthening existing laws instead of creating a new agency.
“Agencies like the EFCC and ICPC already recovered proceeds from illegal activities. We should ensure those funds go directly to the appropriate government coffers—federal or state—without needing a new agency,” he said.
Deputy Senate President Jibrin Barau, presiding over the session, noted that the bill would improve coordination and transparency in asset management if passed. He referred it to the Senate Committee on Judiciary, Human Rights, and Legal Matters for further review, with a directive to report back within four weeks.